Once upon a time there was a beautiful princess and she met a handsome prince. But the beautiful princess had been living with another Prince who decided to let her go and so they were selling their castle because the Princess wanted so badly to buy a new castle with the her new prince.
The Princess went to see the wicked witch who she thought would help her and the new prince buy their new castle. But the wicked witch, being wicked, didn't think it was a good idea. All the money they were using belonged to the princess and by buying a castle in both names she was giving the prince a whack load of her money. So the wicked witch said no and told the princess to wait a few months and buy her own castle and let the prince live with her.
The Princess was so upset that she went to a bank where the wicked witch had no power and they arranged a mortgage for her but in order to do so they asked the prince and his parents to be on title so they could all help look after the princess. They all agreed and probably should have lived happily ever after. The advise of the wicked witch should have been stuffed in a bottle but when ill winds blow across the land strange things can happen.
Weeks and weeks later (12 to be exact) the Princess and the Prince were not getting along and they decided to "break up". The Prince agreed to let the Princess take the castle and he would move to a far off land and find another Princess. But when the Princess went to the bank she found out that she might be stuck with the Prince for the next five years. She also found out that her money she used to buy the castle would now be split four ways because everyone on title owned one fourth of the castle. The Princess also needed to get a lawyer to change the mortgage and would have to pay 3/4 of the land transfer tax to rid the Prince and his parents from her life.
Sadly the Princess will have to decided to give her money to the Prince, his parents, the lawyer and the land tax org or to the Real Estate agent in a commission to sell another castle, the second in a year and the rest to the bank in a penalty.
The moral of the story? do I have to tell you? Prince Charming is not a mortgage strategy. (So says the wicked witch)
Does that mean that the LTT is the Title Transfer Troll? The Extra Toronto Land Transfer Ogres could be Rob Ford?
ReplyDeleteWhat a gruesome story Heavens Oh MY!
Living in Toronto has never been more dangerous!
Hilarious! I've got a "not so funny" real life story similar to the above that I'll share with you when I next see you in person.
ReplyDelete